We realised that the majority of people confuse with variation of property title in Malaysia, we determined to share several information and facts in this article with our readers.
A title is definitely the most essential document in the conveyance of a piece of property. Often the title determines ownership of the property as well as any kind of contractual legal rights over a property may simply be recognised if registered.
In other words, via the particular title, you will definitely discover who is actually the property owner of the property together with any kind of transactions carried out relating to the property, for instance, the transferring of the property to a brand new purchaser and in addition the creation of a charge to the financial institution ought to be registered on the title.
The different kinds of the titles are as follows:
a) Master title
The term master title relates to a title upon which generally more than one unit of property is constructed. Hence, master title generally refers to a comparatively bigger piece of land and is registered in the name of the developer. In the event that it is not registered in the name of the developer, it might possibly be registered in the name of another proprietor plus the developer has entered right into a joint venture together with the proprietor or perhaps has acquired a specific right from the proprietor to develop the land. Typically the developer may then continue to submit an application for subdivision of the master title and the master title may likely be sub-divided into block titles or even individual titles or strata titles relying on the type of property which in turn has been constructed on the particular land.
b) Block Title
As the name indicates, this title relates to a title upon which one block of property is usually erected and might be further more subdivided into strata titles.
c) Individual Title
An individual title consists of a title which often has been subdivided for a single unit of landed property for instance terrace houses, bungalows, semi-detached houses, shop-houses and factories.
d) Strata title
Strata title is certainly a sub-divided title simply is actually meant for individual units on high-rise buildings for example apartments, condominiums, service suites including shop-offices where the particular developer has applied for strata titles for the different floors and are sold individually floor by floor.